Treasury Bills Yields Shed 0.11% Amid Buy Pressure

By Adedapo Adesanya The return of the bears was averted at the NASD Over-the-Counter (OTC) Securities Exchange on Thursday by Central Securities Clearing System (CSCS) Plc, which helped the alternative bourse close marginally higher by 0.03 per cent. This slight growth increased the value of the OTC exchange by N380 million, closing relatively flat at N1.165 trillion, as the NASD Unlisted Security Index (NSI) increased by 0.27 points to end the day at 859.58 points compared with the previous day’s 859.31 points. During the trading day, the value of CSCS Plc went up by 8 Kobo to settle at N17.08

By Adedapo Adesanya  Angola, one of Africa’s top crude oil producers and a key member of the Organisation of the Petroleum Exporting Countries (OPEC), has officially rejected the proposed production quota for the year 2024 and may even exit the group. This was signalled by Mr Diamantino Pedro Azevedo, Angola’s Minister of Energy and Mineral Resources, confirming the nation’s decision and indicating a divergence from OPEC’s suggested allocations for both member and non-member countries. The announcement was made during the 26th OPEC+ Meeting on Thursday, where the organisation proposed 1.11 million barrels of crude oil per day production quota for

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigeria Autonomous Foreign Exchange Market (NAFEM) and the unregulated Peer-to-Peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, November 29 as President Bola Tinubu reiterated his administration’s promise to meet its obligations. Speaking during the presentation of his administration’s N27.50 trillion 2024 budget proposal to the joint session of the 10th National Assembly on Wednesday, Mr Tinubu said, “Despite the challenges, we continue to meet our obligations.” In the official NAFEM segment of the market, the value of the local currency went

By Adedapo Adesanya A milk-producing company, FrieslandCampina Wamco Nigeria, helped the NASD Over-the-Counter (OTC) Securities Exchange return to the green territory by 0.54 per cent on Wednesday, November 29. The firm improved its value by N3.50 in the midweek session to settle at N73.50 per share compared with the previous day’s closing price of N70.00 per share. It suppressed the 10 Kobo decline posted by Central Securities Clearing System (CSCS) Plc, which ended lower at N17.00 per unit versus Tuesday’s value of N17.10 per unit. Consequently, the market capitalisation of the alternative stock exchange went up by N6.28 billion to

By Modupe Gbadeyanka The management of BMCE Bank of Africa has launched its 4th edition of the African Entrepreneurship Award (AEA) supporting innovative entrepreneurs in Africa The African Entrepreneurship Award will fund $1 million to African entrepreneurs with scalable and sustainable businesses in 2 new categories: Sports and Innovation. Recall that the award was announced in 2014 by President Othman Benjelloun at the Marrakech Global Entrepreneurship Summit and illustrates BMCE Bank of Africa’s ambition to encourage entrepreneurship across borders in Africa by rewarding talent and technology. This initiative also aims to support talented entrepreneurs from Africa or Africans in the

By Ahmed Rahma Global health technology expert, the BroadReach Group, has partnered with a non-profit research institute, RTI International (RTI), to offer joint informatics solutions powered by Artificial Intelligence (AI), synthesizing managerial, operational and other types of social and economic data. These state-of-the-art tools will help US healthcare payers and providers optimize health outcomes and organizational effectiveness at scale while allowing for customization. In the partnership, RTI brings health research and data science capabilities while BroadReach delivers best-in-class direct implementation experience and technology solutions through its Vantage Health Technologies unit. “Our mission of improving the human condition has been the driver

By Adedapo Adesanya The Naira closed stronger against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange (FX) market on Thursday by 25 kobo or 0.06 per cent, data obtained by Business Post showed. At the market segment yesterday, the local currency was traded against the Dollar at N411.25/$1 compared with the preceding day’s N411.50/$1. One of the major factors behind the strengthening of the domestic currency at this market was the decline in the demand for forex. Also, a sufficient supply of FX to meet the requests of genuine end-users during the trading session.

By Modupe Gbadeyanka A gas agreement has been signed by Egbin Power Plc last Wednesday in a bid to boost power generation in Nigeria. Business Post gathered that the Side Letter to the 2011 Gas Sale and Aggregation Agreement (GSAA) was sealed by Egbin Power with Chevron Nigeria Limited (CNL) and Gas Aggregation Company of Nigeria (GACN). The signing ceremony happened at the Transcorp Hilton Hotel in Abuja on Wednesday, October 31, 2018. Formalizing the agreement on behalf of the three companies were Dallas Peavey Jr., Morgan Okwoche and Sanjay Narasimhalu who are Managing Director of Egbin Plc, Director Downstream

By Investors Hub European stocks are flat to slightly higher on Wednesday as investors keep a close eye on Brexit proceedings. A “free vote” will take place today on a no-deal Brexit. If that fails, a further vote on Thursday will decide whether to extend the Brexit deadline. In economic news, Eurostat data showed that Eurozone industrial output rose 1.4 percent in January after dropping by 0.9 percent in December. Analysts had expected a 1 percent increase. While the German DAX Index is lingering near the unchanged line, the U.K.?s FTSE 100 Index is up by 0.2 percent and the

By Aduragbemi Omiyale A report by Finder.com has projected that the price of Ethereum (ETH) will likely reach $7,609 in 2022 and could fall to $6,000 by the end of the year due to heavy competition. In its Ethereum Price Predictions Report, Finder.com’s panel of 33 fintech, cryptocurrency and NFT specialists predicted that ETH will peak at roughly 102 per cent higher than its price at the beginning of the year, advising investors to hold the digital coin. But the Permission chief product officer Vanessa Harris thinks the move to the proof-of-stake model (PoS) will lead to a significant decrease

By Dipo Olowookere A new deposit product to allow small and medium scale businesses the advantage of saving cost and earning interest has been designed by Standard Chartered Bank Nigeria (StanChart). The new account was created through the financial institution’s Business Banking business and it offers holders zero local transfer, zero SMS, zero account maintenance fee and interest earnings on Business Accounts. According to a statement from the lender, the new deposit product will help businesses to focus on what is important to the development of their businesses while achieving cost savings, especially during this present global health crisis caused

By Modupe Gbadeyanka Trading activities resumed on Monday on the floor of the Nigerian Stock Exchange (NSE), but the weak sentiments continued after the market closed bearish last Friday. Heavy decline recorded by blue-chip stocks left investors counting losses at the close of transactions today, leaving the Nigerian Stock Exchange (NSE) swinging further downward by 1.05 percent. Business Post reports that a total of 29 equities depreciated today in contrast to 17 stocks which appreciated with the losers’ chart led by Total Plc, crashing by N14 to close at NN266 per share. It was closely trailed by Mobil Plc, which